TeraWulf, the Nasdaq-listed company (WULF) better known for mining Bitcoin, now has Google standing behind its biggest AI bet. Google has put up a backstop guarantee totaling approximately $3.2 billion for Fluidstack’s long-term lease obligations at TeraWulf’s Lake Mariner campus in Somerset, New York.
Google is also taking a piece of the company. It has acquired warrants that give it about 14% equity ownership in TeraWulf, roughly 73.5 million shares.
How the Google deal is structured
Google is not the tenant here. Fluidstack is the one leasing the space, and Google is guaranteeing that Fluidstack will meet those lease obligations.
Google’s initial commitment in 2025 was $1.8 billion, and the current figure sits at approximately $3.2 billion.
Fluidstack is contracting for approximately 360 MW of critical IT load at Lake Mariner under 10-year contracts. That capacity comes mainly from three buildings on the campus, designated CB-3, CB-4, and CB-5.
Energization is scheduled in phases across the second half of 2026 and into 2027. An additional 336 MW is currently under construction to come online in that window, running from H2 2026 to early 2027.
Inside Lake Mariner
Lake Mariner currently runs at 102 MW of operational capacity. TeraWulf plans to expand the site up to 500 MW, with the potential to reach 750 MW as demand increases.
The campus sits on a former coal plant, which means high-voltage grid connections already exist on the property. Specifically, the site features dual 345 kV electrical lines, allowing TeraWulf to expedite its AI and HPC rollout rather than waiting for new infrastructure.
TeraWulf projects initial construction costs of $8 million to $10 million per critical IT MW.
There is also an ownership wrinkle worth knowing. CEO Paul Prager’s Somerset Operating Company owns the land beneath the Lake Mariner campus.
From Bitcoin mining to AI landlord
TeraWulf also holds a separate 20-year lease agreement with Anthropic at its Justified Data campus in Kentucky.
A recent fire at the Lake Mariner property raised accountability questions among TeraWulf, Fluidstack, and Google, particularly around operations and safety at the site.
What this means for TeraWulf and AI infrastructure
A $3.2 billion backstop from Google reduces a key risk in any long-term lease: the chance that the tenant cannot pay.
With warrants for about 14% of the company, Google has a direct interest in TeraWulf’s success. If exercised, roughly 73.5 million new shares would be in play.
The bulk of the contracted capacity depends on the phased energization timeline holding through H2 2026 and into 2027, and on the $8 million to $10 million per MW cost estimates staying in range.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.